Monaco  - Formula One teams and the international motorsport federation FIA reached agreement Wednesday on cost-cutting measures for the sport from next year.

Their proposals at a meeting in Monaco will be put forward to the FIA World Motor Sport Council on Friday.

A joint statement from FIA and the Formula One Teams Association (FOTA) gave no details of the proposed savings, saying full details will be released following Friday's meeting.

However, it said agreement was reached on measures "to meet all the objectives originally put forward by the FIA for 2010 and thereafter."

In addition FOTA "have now made proposals for very significant cost saving in 2009 while maintaining Formula One at the pinnacle of motor sport and reinforcing its appeal," it said.

The statement said FIA and FOTA "had the most successful meeting on Formula One matters which any of the participants can remember."

"I am delighted with the outcome of this meeting," FIA president Max Mosley said.

FOTA President Luca di Montezemolo said: "The unity of the teams was fundamental to meeting the goals for a new Formula One, but with the same DNA, as requested by the FIA."

The global financial crisis hitting car manufacturers is prompting Formula One to speed up efforts to cut costs.

Japan's Honda announced on Friday it was ending its F1 engagement, leading to fears that other manufacturers could pull out of the sport.

Mosley has called on teams to accept radical plans for a low-cost standard engine as part of cost-cutting measures. (dpa)